富达国际：长期看好中国科技股，黄金长牛行情会继续|年末盘点

Group 1: Core Investment Insights - The core focus for investment remains on Chinese technology stocks, which are viewed as having significant potential and valuation attractiveness compared to U.S. counterparts [4][3] - The development of China's technology sector is still in its early stages, with a strong digital economy evidenced by widespread use of digital payment systems even in remote areas [4][5] - The investment strategy includes a focus on credit bonds in China, but the primary emphasis is on technology stocks [4] Group 2: Regional Market Perspectives - The South Korean stock market is considered undervalued, with favorable government policies supporting it; however, there has been a slight reduction in positions recently [5] - Japan is anticipated to be an important investment market by 2026, with a preference for mid-cap stocks due to their domestic market orientation [5] - The Indian stock market has seen significant foreign investment but is now more domestically driven, with strong fundamentals supporting its valuation despite recent outflows [6] Group 3: Commodity Market Trends - Gold has experienced a long bull market, reaching historical highs, with other precious metals like silver and palladium also rising [7][8] - There is a shift among institutional investors from government bonds to gold due to high debt levels in developed economies, making gold a preferred liquid asset [7] - Silver is seen as a potential investment but carries higher volatility and risks compared to gold, necessitating careful risk management [7][8] Group 4: Future Outlook - The outlook for European assets is cautiously optimistic, with short-term indicators showing promise, although challenges such as declining automotive exports exist [6] - The potential for gold to serve as a hedge against negative market events is emphasized, with expectations for positive returns over the next two years [7] - Tactical investments in other precious metals may occur, but none can replace gold as a primary safe-haven asset [8]